Retail Building on Erie
For Sale
$1,900,000
2043 Erie Blvd East, Syracuse, NY
Three-tenant retail building on a busy corridor, built in 2009.
Property Size9,049 SF
Price / SF$209.97
Days on Market330
Property Features for 2043 Erie Blvd East
General Information
Standard status
Active
Size
9,049 SF
Property subtype
Retail
Building Details
Building Size
9,049 SF
Listing Agency:
Syracuse Office
(315) 445-8515
Listed By:
Donald R. O'Leary
(315) 445-8515
Source:
Pyramidbrokerage
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 20 at 6:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Syracuse Office
Investment Insights
Based on property information with market context.
This is a three-tenant building constructed in 2009, located on a busy retail corridor. The property is mostly NNN/modified gross leased. Tenants include Subway, Metro by T-Mobile, and HTG Supply. The building is situated next to Aldi's and across the street from Advance Auto Part and Family Dollar. There is additional paved area in the rear of the building for deliveries and overflow parking.
Key Highlights
- High‑traffic retail corridor location
- NNN/modified gross leases in place
- Established tenants: Subway, Metro by T‑Mobile, and HTG Supply
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$89,911
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,798,220
$1.8M
Cap Rate 7%
$1,284,443
$1.3M
Cap Rate 9%
$999,011
$999.0K
Market Conditions
NOI Build-Up for 9,049 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$124.9K $13.80/SF
− Vacancy
−$5.0K −$0.55/SF
EGI
$119.9K $13.25/SF
− OpEx
−$30.0K −$3.31/SF
NOI
$89.9K $9.94/SF
Area
Syracuse, NY
Vacancy
4.00%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,798,220
Cap Rate 7%
$1,284,443
Cap Rate 9%
$999,011
Alternative Uses
Best Use
Specialty Retail
$1.28M
$1.12M – $1.50M
NOI $89,911 @ 7.0% cap · market cap 4.73%
Second Best
Retail
$1.14M
$1.00M – $1.34M
NOI $80,101 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.57M
$1.38M – $1.83M
NOI $110,082 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
662
Businesses Nearby
82k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 52%
Shops & Services 27%
Dining 18%
Home Improvements & Furnishings 2%
Price Rite
Groceries
23,119 visits/mo
0.4 miles
Aldi
Groceries
19,895 visits/mo
0.0 miles
Burger King
Dining
12,908 visits/mo
0.5 miles
Sunoco
Shops & Services
8,600 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,513 visits/mo
0.1 miles
Market
Vacancy Rate% for Retail in Syracuse, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Three-tenant retail building on a busy corridor, built in 2009.
Where is this retail space located?
The property is located at 2043 Erie Blvd East Syracuse, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: High‑traffic retail corridor location; NNN/modified gross leases in place; Established tenants: **Subway, Metro by T‑Mobile, and HTG Supply**
